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EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans.
Please enter a valid loan amount.
%
Enter a valid interest rate.
Enter a valid tenure.
Monthly EMI
0.00
Total Principal
0.00
Total Interest
0.00
Total Payable
0.00
Breakdown
Principal
Interest
Amortization Summary (Yearly)
| Year | Principal Paid | Interest Paid | Balance |
|---|
How the EMI Calculator Works
The EMI (Equated Monthly Installment) calculator helps you determine the fixed monthly payment required to pay off a loan over a specified period.
Formula Explanation
EMI is calculated using the following mathematical formula:
E = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
Where:
- E = EMI
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate / 12 / 100)
- n = Loan Tenure in Months
Worked Examples
Example 1: Loan: $10,000, Rate: 5% p.a., Tenure: 1 Year (12 months).
EMI = $856.07 / month
Example 2: Loan: ₹5,000,000, Rate: 8.5% p.a., Tenure: 20 Years.
EMI = ₹43,391.22 / month
Example 3: Loan: €15,000, Rate: 6% p.a., Tenure: 36 Months.
EMI = €456.33 / month
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Frequently Asked Questions
What does EMI stand for?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
Does EMI change during the loan tenure?
For a fixed-rate loan, the EMI remains constant throughout the tenure. For a floating-rate loan, it may change as interest rates fluctuate.
Why does the interest component decrease over time?
In an EMI schedule (amortization), interest is calculated on the outstanding balance. As you pay off the principal, the balance decreases, leading to lower interest charges in subsequent months.
Can I pay more than my EMI?
Yes, most lenders allow prepayment or part-payment, which reduces your outstanding principal and saves you money on total interest.